VERSO Capital, the Luxembourg-based merchant banking and financial services firm, has closed a series seed in Nitro Beverage, which makes nitrogen-infused organic cold brew coffees.

Based in New Jersey and founded by two brothers and two of their friends, Nitro has been offering beverages that are free from sugar, calories and preservatives.

VERSO Capital’s equity financing will be used by Nitro to further enhance its product lines and increase retail capabilities across the US.

Additionally, the investment will be used by the company to launch three new oat milk lattes in the second quarter of this year.

Since the beginning of 2019, VERSO has been working with Nitro to help with the Covid-19 pandemic and the Manhattan, New York, US, lockdown.

VERSO founder Julien Machot said: “We believe the company will be very appealing to larger groups in the future, such as Pepsico, who are coming into the RTD coffee segment.”

Established in 1958, VERSO Capital has been funding visionary and disruptive companies.

Over the past four years, it has invested more than $245m in tech start-ups ranging from food-tech to biotech companies and focuses on alternative assets, including private equity, venture capital, real estate and proprietary capital investments.

In a statement, VERSO Capital said: “VERSO Capital isn’t just about the returns. It gets involved with impactful projects that positively affect society and the environment.

“Consequently, the firm was proud to provide support for NITRO, who only source the highest-quality organic and fair-trade ingredients.”